From staff reports Big Lots on Friday announced a transaction with Boston-based asset liquidation firm Gordon Brothers Retail Partners that enables the transfer of hundreds of Big Lots stores to Variety Wholesalers Inc.
Big Lots, an Ohio-based discount retailer, filed for Chapter 11 bankruptcy in September and announced then that 47 stores in 25 states would shut down; those included a store in Stillwater.
The transaction enables the transfer of Big Lots assets – including stores, distribution centers, and intellectual property – to other retailers and companies, including Variety Wholesalers.
Big Lots currently has 17 locations in Oklahoma, including one in Lawton at 38th and Cache Road. It was not known Sunday how many, if any, of the Oklahoma stores will remain open.
Variety Wholesalers, of Hendersonville, North Carolina, owns more than 400 stores in the Mid-Atlantic and Southeast.
A press release from the companies reported that Variety Wholesalers intends to acquire between 200 and 400 Big Lots stores, which it plans to operate under the Big Lots brand moving forward, and one or two of its distribution centers. Also, Variety Wholesalers may employ hundreds, if not thousands, of Big Lots associates at the acquired stores and distribution centers, as well as certain corporate associates.
The agreement is subject to approval by the Delaware bankruptcy court and other customary closing conditions.